All posts tagged 432 Park

Another day, another plan for a soaring, skinny Manhattan condo tower.

dbox/CIM Group & Macklowe Proper

432 Park, shown in this rendering, is slated to rise nearly 1,400 feet when completed in 2015, which would make it the tallest residential building in the U.S.

As reported in Wednesday’s Wall Street Journal, developer Bruce Eichner has reached a series of deals to buy a development site south of Manhattan’s Madison Square Park, where he plans a nearly 800-foot condo tower on a lot just 50 feet wide, according to people familiar with the matter.

Such towering ambitions have become all the rage in Manhattan these days, as booming demand for super-luxury apartments in the country’s most expensive real-estate market has changed the economics of development. Apartment builders used to prefer wide sites that could take months or years to assemble, as building tall and thin is a pricey proposition. But with buyers paying more than $3,000 per square foot for sweeping views 40 stories in the air—or more than $5,000 in some cases—suddenly it pencils financially to build even on small lots. (That is, assuming buyers will continue to pay such sums.) Read More »